Vermont § 20105 - Chartering of mutual holding company subsidiary financial institution
Full text of Vermont Vermont Statutes Online § 20105 — Chartering of mutual holding company subsidiary financial institution, with citation guidance and answers to common questions.
§ 20105. Chartering of mutual holding company subsidiary financial institution
- (a) Procedures. The procedures for the organization of a mutual holding company subsidiary financial
institution shall be as prescribed in chapter 202 of this title, except that: (1) A majority of the governing body of the reorganizing mutual or cooperative financial
institution may serve as the incorporators of the mutual holding company subsidiary
financial institution being formed and as the petitioners seeking approval of its
incorporation. (2) The initial capital requirement of section 12103 of this title shall not apply prior to the effective date of the reorganization. (3) If the Commissioner grants the petition under section 12102 of this title, he or she shall condition such approval upon the transfer by the reorganizing mutual
or cooperative financial institution to the mutual holding company subsidiary financial
institution (in organization), before such transferee shall commence business, of
assets having a value in excess of the amount of the transferred liabilities, as determined
by the Commissioner, such that the mutual holding company subsidiary financial institution
will at the time of such transfer meet all applicable net worth and capital adequacy
requirements prescribed by state or federal statutes or regulations. (b) Filing of amended charter. Contemporaneously with consummation of the reorganization, duplicate originals of
the amended and restated charter adopted by the mutual or cooperative financial institution
under section 20102 of this title, governing the continuing entity as a mutual holding company, shall be filed in the
Office of the Secretary of State. The amended and restated charter of the continuing
entity as a mutual holding company shall take effect as of the date of the filing
of such duplicate originals in the Office of the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 20105
What does Vermont Statutes Online § 20105 cover?
Section 20105 ("Chartering of mutual holding company subsidiary financial institution") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 20105?
A common citation format is "Vermont Statutes Online § 20105" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 20105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.